Business
Small businesses get EDC loans
01:00 AM EDT on Saturday, August 2, 2008
Four companies have received a total of $1.75 million from the Rhode Island Economic Development Corporation’s Small Business Loan Fund. The EDC said the businesses will create 90 jobs.
The recipients are:
•Linear Title and Closing Ltd., a Middletown-based company, provides title review and title insurance through its software enhancement technology. The new software developed by the company streamlines the process for obtaining title review and title insurance. The company received $250,000.
“The RIEDC’s Small Business Loan Fund program was extremely helpful to our company as we sought to expand our operations in a short window of time,” said Nicholas Liuzza Jr., president of Linear Title. “Linear is a progressive real-estate services provider that offers title enclosing services in all 50 states. As a result of successfully implementing topical industry tools, we will be aggressively growing our company to support our increased volume of business.”
•LogicBay Corp., of Newport, helps manufacturers design, implement and manage programs for their distribution partners through the use of Web-based proprietary technology. The company received $250,000.
“These funds are a critical component of our expansion efforts,” said John Panaccione, CEO of LogicBay. “We will be using these funds to immediately hire additional engineering staff. Also, we will also be ramping up our sales and marketing programs to expand our operations in leveraging our positive results to date.”
•CleanBrands LLC, an East Providence company, designs and distributes allergy-proof bedding products to regional and national retailers. Founder and chief executive officer Gary Goldberg created the MicronOne fabric technology that’s able to block even the tiniest micro-toxins which creates a breathable barrier, after his son began suffering from nighttime breathing issues. The company received $500,000.
“Since we were founded in 2006, our company has experienced tremendous growth and has leveraged the strength of our consumer products to establish strategic partnerships with major retail outlets such as Wal-Mart and Bed Bath & Beyond,” said Goldberg. “The next phase of our employee growth will help us meet these, and future, demands, as we continue to extend our reach in the consumer markets.”
•InQuest Technologies Inc., currently headquartered in Southboro, Mass., will relocate its software and Web-based solutions company to Rhode Island in the fall. The company received $750,000.
The SBLF is funded through the U.S. Economic Development Agency. Rhode Island taxpayers assume no liability should loans not be handled as agreed.
Other Rhode Island-based SBLF loan recipients in the last 12 months include: American Partners Inc. (Pawtucket); Concordia Manufacturing (Warwick); CoreSmart Interactive LLC (Providence); Court Drive LLC, Green Grocer (Portsmouth); Jungle Jim Preschool (Warwick); KC Enterprises LLC (North Kingstown); Malco Saw Co. Inc (Cranston); New England Syrup Co. Inc. (Smithfield); PSP LLC (Smithfield); and E.B. Thomsen Inc. (East Providence).
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